Woodside Petroleum halved its forecast spending for 2020 and deferred go-ahead decisions for its two biggest gas projects to ride out the pain of the coronavirus pandemic and plunging oil prices.
Lightsource BP has successfully closed on a $250 million financing package for its Impact Solar project located in Lamar County, Texas, 120 miles northeast of Dallas.
A large part of the oil and gas industry will go into a “financial intensive care unit” over the next few months as shale producers enter survival mode, an expert says.
BlackRock has dropped out of the race to become an investor in Abu Dhabi National Oil Co.'s (ADNOC) natural gas pipeline assets, two sources familiar with the matter said.
Before oil prices collapsed in the wake of failed OPEC talks earlier this month, Wood Mackenzie had forecast that some $3 billion would be invested in exploration in Brazil.
U.K. oil producer Premier Oil on March 13 said it had identified at least $100 million in potential savings on its 2020 capital spending plans as it and other rivals scramble to adjust to the plunge in global crude prices.
The exploration of the Black Sea Neptun block is a joint venture between OMV’s Romanian subsidiary Petrom and U.S. major Exxon Mobil Corp., and includes the first deepwater exploration well in Romanian waters.
The plunging oil price is likely to put pressure on energy transition efforts to switch to renewables.
A wounded oil and gas industry enjoys better numbers the day after prices plummeted, but steep debt will likely bring about a wave of M&A, bankruptcies and litigation.
Oil and gas stocks lead the markets’ plunge, with debt-ridden companies struggling with a commodities crash as well.